This study examines how the managerial interpretation of incentive arrangement affects corporate engagement in social areas, as reflected in corporate social performance, from two interrelated perspectives: the political influence view and the normative agency view. Building the theoretical framework on state-owned enterprise (SOE) executives' dual-career tracks perspective, we contend that economic factors (performance decline and relative pay gap) and political factors (socialist imprints and political career horizon) could divergently reshape the interpretation of incentive arrangement on corporate social performance. Using ‘Pay Ceiling Order’ as a quasi-natural experiment context, a secondary analysis, and a controlled experiment reveal that compensation restriction on top executives causes a decrease in corporate social performance. This relationship is weakened when there are stronger socialist imprints inherited by a focal firm and when the executives have a longer political prospect. In contrast, the relationship is strengthened when firms face severe performance declines and when the executives' compensation is relatively lower than peers. The findings show that compensation is an indispensable incentive joining with political and economic factors, enabling SOEs to engage in social areas. We discuss the implications of understanding top executive incentives with incentive arrangements and how the government purpose influences top executive responses to compensation incentive in ways that matter for long-term social value.

We proxy retail investor attention through Google Trends and find that fungible and non-fungible crypto tokens generate greater attention from high-gambling propensity regions. Crypto attention is higher during bubble-like episodes in the crypto market and for more lottery-like tokens. Moreover, retail crypto attention decreases after sports gambling is legalized. Higher token attention is associated with more contributors and higher fundraising. However, consumer credit default rates spike after periods of high crypto attention, but solely in the subprime segment. Overall, our findings suggest that gambling preferences strongly predict retail investor interest in the crypto market.

State-owned enterprises (SOEs) in China play a critical role in national economic development and the country's positioning on the global stage. Chinese SOEs have undergone substantial transformations from traditional government-run entities to a variety of corporate forms exhibiting different levels of state involvement. Despite their substantial influence, the internal diversity of SOEs – from wholly state-owned to mixed-ownership – has not been thoroughly examined. This paper provides an overview of SOEs' critical roles in the Chinese economy, the relationship between SOEs and privately owned enterprises (POEs), and the challenges of SOEs in different stages of Chinese economic development. It then introduces five research papers that explore the institutional, strategic, and organizational perspectives on how SOEs manage the dual pressures of state and market logic, respond to policy adjustments, tackle leadership challenges, and navigate current global trends such as digital transformation, technological innovation, and environmental sustainability. In this paper, we provide important implications for policy and managerial practices and highlight a future research agenda for the heterogeneity of Chinese SOEs, and how SOEs respond to these challenges in the evolving geopolitical landscape, adapt their strategies, and manage relationships with foreign governments and enterprises under such conditions.

In 2020 the Federal Communications Commission (FCC) revisited a spectrum allocation decision it made in 1999. The Agency found that frequencies set aside for specific technologies used by vehicles – Intelligent Transportation Services (ITS) – had been left largely unused. It crafted new rules, shifting 45 MHz of the 75 MHz allocation to newly designated wireless services focusing on Wi-Fi applications, while leaving the remaining (40% of bandwidth) reserved for ITS. The FCC decision was premised on a cost–benefit analysis performed by the agency, supported by two similar studies submitted by outside interests. Yet, upon examination, the cost–benefit calculations prove stunningly uncompelling. In their economic logic, their understanding of existing market data and their use of FCC policy, fundamental errors render net benefit estimates irrelevant to decision-making. In particular, the value of marginal products (VMPs) as well as the opportunity costs of rival allocations are ignored. These failings are stunning, both on their own and given that the FCC, in its reallocation, critiqued its 1999 decision as socially unproductive – and yet deployed just the same basic methodological format, relying on FCC administrative determinations to select favored business models for supplying wireless services.

This article examines the development of offshore commercial and financial services in tax havens between 1955-1979. The geographic locus of this paper is the Caribbean region, mainly focusing on the island tax havens that had been part of the British empire prior to decolonization. The article examines the relationship between the development of tax havens and decolonisation, and explores questions of international capital movement, the institutional structure of tax havens, the development of banking and commercial services in tax havens, and other offshore business activities. The article presents new data on international capital investment and capital movement, and provides empirical evidence in relation to the structure and function of businesses located in tax havens. This evidence is used to engage with emerging debates with reference to the history of tax havens: specifically, the nature of capital movement and the importance of beneficial ownership rights, and the relationship between the (re)location of business to tax havens and the mitigation of political risk and instability. We demonstrate that the development of tax havens in this period was a consequence of substantial innovation by business and finance to create advantageous environmental conditions in relation to taxation and governance. This was supported by an isomorphic process that spread similarly favourable regimes of law and regulation between different tax havens, as well as the development of a range of supportive commercial and financial services. We conclude by discussing the implications for future research on this topic.

We investigate whether bank loan financing from 1994 to 2018 conveys valuable private information using a sample of over 10,000 bank loan announcements identified from 8-K filings. We show that the positive announcement effect is persistent and closely related to the information revealed in loan characteristics: The effect is stronger when deals have higher materiality, more favorable pricing, larger lead bank shares, and higher syndicate concentration. The effect is also stronger when lenders have higher credit quality and when credit market conditions are worse. The insignificant wealth effect documented in several early studies is potentially driven by small sample size.

Nearly 100 years ago, economist John Maynard Keynes predicted that, by today, technological advancements would allow the workweek to dwindle to just 15 hours, or 3 hours per day, and that the real problem of humanity would be filling their time with leisure. Although much has changed in the world of work since this prediction, such a drastic change has not taken place. In this article, several industrial-organizational psychology scholars discuss why this is the case. Why do we continue to work as much as we do, and how might that change? More fundamentally, what do these trends, contra Keynes’ prediction, tell us about the nature of work itself? We use this discussion to propose several research directions regarding the nature of work and how it might change in the future. We depict the phenomenon of working hours as multilevel in nature, and we consider both the positive and negative possible implications of working less than we do now.

In this paper, we present a standardized approach for using cancer incidence and survival data to account for the timing between a reduction in carcinogen exposure and the subsequent reduction in cancer risk and fatality. While the estimates for this timing between a reduction in carcinogen exposure and reduced cancer risk would ideally come from high-quality studies specifically examining this question, very few such studies are available. Thus, we designed an approach to account for this timing when sufficient data are not available elsewhere. Our approach can be used in estimating monetized values for achieving small reductions in the risks for many common specific types of cancer in benefit–cost analyses of regulatory and non-regulatory policies in the United States that achieve cancer risk reductions by reducing carcinogen exposures. We provide estimated values for 108 different cancer sites and for all cancer sites combined. We accompany this paper with a spreadsheet-based tool that presents our results separately for non-fatal and fatal risks so that results can easily be calculated using different combinations of discount rates, latency between carcinogen exposure and cancer diagnosis, values for the willingness-to-pay to avoid fatal and non-fatal cancer risks, and potentially affected populations.